Huobi, a cryptocurrency exchange, has announced plans to cut 20% of its workforce as part of an ongoing restructuring following Justin Sun’s takeover of the company.
A company representative stated that, following the takeover, the firm has restructured its business departments and adopted a new organizational structure.
Huobi stated:
“The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward. With the current state of the bear market, a very lean team will be maintained going forward. The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three.”
The statement backed a previous message from Justin Sun, the founder of Tron, in which he stated that although the structural adjustment in Huobi had not yet begun, it is expected to be completed by the end of the first quarter.
Prior to this, Sun had previously denied reports that Huobi was planning to dismiss a large number of employees after Chinese journalist Colin Wu asserted that the exchange planned to eliminate all year-end bonuses because of the protracted industry downturn.
Huobi also emphasized that recent media claims that the crypto exchange is allegedly bankrupt are unfounded. The company’s spokesperson clarified that they are aware of the criticisms of the Huobi App and concerns about the security of user assets.
The spokesperson added:
“Such unfounded and inflammatory rumors not only damage Huobi’s brand image, but ultimately affect the interests of Huobi users.”
According to Huobi’s recently published Proof-of-Reserves, the cryptocurrency exchange primarily uses its own token to denominate its reserves.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
